Investor Presentaiton

BOARD OF DIRECTORS' REPORT Orders received and order book Orders received grew by 3.1% as compared to January- December 2021 and totaled EUR 9,131.3 million. At comparable exchange rates, KONE's orders received declined by 2.5%. At comparable rates, orders received for the new equipment declined clearly with significant decline in the volume business and clear growth in major projects. The decline was due to the impact of liquidity constraints and the COVID-19 pandemic in China. In modernization, orders received grew significantly, supported primarily by pricing. Orders grew significantly in the volume business and grew significantly in major projects. Compared to the end of 2021, the margin on orders received improved. The improvement was driven by price increases in all regions except China where like-for-like new equipment prices declined slightly and mix was slightly negative. KONE's new equipment orders received in elevator and escalator units amounted to approximately 172,000 units (2021: approximately 196,000). Orders received in the EMEA region grew slightly at comparable exchange rates as compared to January- December 2021. New equipment orders declined clearly and modernization orders grew significantly. In the Americas region, orders received grew significantly at comparable rates as compared to January- December 2021. New equipment orders grew significantly and modernization orders grew significantly. Orders received in the Asia-Pacific region declined significantly at comparable rates as compared to January- December 2021. In China, new equipment orders declined significantly in units and declined significantly in monetary value. In the rest of Asia-Pacific, new equipment orders Orders received MEUR Orders received Order book 2022 2021 Change 9,131.3 9,026.1 8,852.8 8,564.0 3.1% 5.4% Change at comparable exchange rates -2.5% 5.4% Orders received consist predominantly of new equipment and modernization orders. Maintenance contracts are not included in orders received, but the figure includes orders related to the maintenance business, such as repairs. Orders received development by region* New equipment orders Modernization orders Total orders +++ +++ EMEA Americas Asia-Pacific China *) in monetary value at comparable exchange rates +++ +++ ++ - Significant decline (>10%), -- Clear decline (5-10%), - Slight decline (<5%), Stable, + Slight growth (<5%), ++ Clear growth (5-10%), +++ Significant growth (>10%) received grew slightly. Modernization orders received grew clearly in China and grew significantly in the rest of Asia- Pacific. The order book grew by 5.4% compared to the end of December 2021 and stood at a strong level of EUR 9,026.1 + +++ million at the end of the reporting period. At comparable rates, the order book grew by 5.4%. The order book margin continued to be at a healthy level. Customer cancellations remained at a low level. Terminology: Slight <5%, clear 5-10%, significant >10% 7 KONE ANNUAL REVIEW 2022

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